In a 2019 report, Oxfam, an internationally renowned charity, found that the fortunes of the world’s top 2,153 billionaires combined exceeded 4.6 billion people combined. The charity urged policymakers to raise taxes by 0.5 per cent over the next decade on the world’s richest people in a bid to reduce wealth inequality. In a 2019 report, Oxfam, an internationally renowned charity, found that the fortunes of the world’s top 2,153 billionaires combined exceeded 4.6 billion people combined.
The charity urged policymakers to raise taxes by 0.5 per cent over the next decade on the world’s richest people in a bid to reduce wealth inequality.
In its latest report, published on Monday (January 20), Oxfam says the number of billionaires worldwide has doubled in the past decade, and they are richer than 60 per cent of the world’s population. Oxfam calls on governments to implement policies that help reduce wealth inequality.
The report comes at a time when debate about whether billionaires are good or bad for society, including in the US, is growing.
Some argue that the super-rich are the product of a successful social system that creates the middle class. Others argue that a heavy tax on billionaires would lead to a fairer, more equal world.
“If the $100 bills piled up on the floor represented global wealth, most people would sit directly on the floor of light (i.e. not have per capita wealth). The report’s authors said.
“The middle class in rich countries will sit at the top of the chair. Two of the richest people in the world will sit in outer space. “
Bernard Arnott, president of France’s Moet Hennessy-Louis Vuitton Group (LVMH), has replaced Amazon (1864.72, -13.22, -0.70%) as the world’s richest man with a net worth of $116.5 billion, according to Forbes. Next up are Amazon founder and CEO Bezos, Microsoft (167.1, 0.93, 0.56%) founder Bill Gates, who currently has a net worth of about $110 billion on the Forbes rich list.
Oxfam reports that if a person had saved $10,000 a day since the time of Egypt’s pyramids, he would still have accumulated 80 per cent less wealth than the world’s top five billionaires.
Oxfam urged international and national policymakers to raise taxes on the world’s richest people by 0.5 percent over the next decade in an effort to reduce wealth inequality. According to the researchers, a 0.5 percent tax increase on the rich would generate enough money to create 117 million jobs in industries such as education and health care.
Other proposals from Oxfam to help reduce inequality include investing in the NHS, challenging gender discrimination, introducing legal protections for the weak and disabled, and ending extreme wealth.
“Extreme wealth is a sign of economic failure,” the report said. Governments must take steps to fundamentally bridge the gap between the rich and the rest of society, putting the well-being of all citizens ahead of sustainable growth and (9.66, 0.02, 0.21%) profits. “
Billionaires will gather in Davos this week.
The report comes as delegates from around the world gather in Davos, Switzerland, for the annual World Economic Forum meeting. At least 119 billionaires will gather in Davos, Switzerland, this week for their annual alpine tour with bankers, politicians and other dignitaries.
Despite mounting criticism of its exclusivity, the World Economic Forum’s status as the premier social hub for the world’s richest people remains enduring.
Before last year’s World Economic Forum summit, calls for tax reform reinforced the charity’s influence, when Oxfam urged governments to raise taxes on businesses and the wealthiest in society to narrow the gap between rich and poor.
Earlier this month, Kristalina Georgieva, the new head of the International Monetary Fund, called on policymakers to rethink their tax systems and consider raising taxes on the wealth ies of the richest in society.
Democratic presidential candidate Elizabeth Warren, who is running for president in 2020, has vowed to impose a wealth tax in the United States if she is elected. This is a divide among American billionaires.
Technological revolution could exacerbate global inequality
The World Economic Forum also reports that global inequality will worsen unless governments do more to ensure that those most affected by rapid technological change are not abandoned and forgotten.
As it prepares for the annual gathering of business, political and financial leaders in Davos, the World Economic Forum says it is time to change the fact that a person’s fate still depends largely on the socio-economic status of his or her birth. As a result, the forum says, our society “tends to re-emerge, rather than reduce the inequalities that have been passed down from history.”
The World Economic Forum said in its social mobility report that Europe, especially the Nordic countries, scored well, with Japan in 15th and the United States 27th.
But the report says the problem is widespread, with most countries underperforming on three key indicators: low wages, lack of social security and poor lifelong learning systems.
These long-standing problems exacerbate the perception of inequality, even if economic indicators show that inequality is narrowing widely, as well as the erosion of trust and distrust of politics. The World Economic Forum says giving everyone the opportunity to reach their potential not only improves individual well-being, but also brings broader benefits by promoting economic growth.
“In an era of technological change and efforts to achieve a green transition, inequality is deeply entrenched and is likely to worsen,” the forum reported.
In its report, the Forum made a number of recommendations. These include changing individual taxes and addressing wealth concentration, improving education, better equipping people throughout their working lives, and providing more social protection for those facing industrial unrest.